Lenskart IPO Review 2025: Financials, Valuation & Should You Subscribe?

Lenskart, India’s largest eyewear retailer, is stepping into the public markets with its much-awaited ₹7,278 crore IPO. From a small startup founded in 2008 by Peyush Bansal to a 2,700+ store omnichannel giant, the company’s journey mirrors India’s consumer evolution. But behind the excitement lies a critical question for investors - is this IPO worth the steep valuation? Let’s look through the numbers and fundamentals before drawing conclusions.

IPO Snapshot

IPO Timeline

UPI mandate confirmation cutoff: 5 PM, Nov 4, 2025.

Lot Size & Investment Limits

Promoter Holding

Moderate dilution but shows founders retaining meaningful control.

GMP Watch

Current GMP: ₹35–₹45 (approx.)

Expected Listing Gain: 8–11% (subject to market sentiment)

Trend: Steady but not euphoric - investors seem cautiously optimistic.

⚠️ GMP is an informal indicator; listing outcomes can differ sharply.

About Lenskart – The Business Behind the Brand

Founded in 2008, Lenskart Solutions Ltd. is a technology-driven eyewear company engaged in the design, manufacturing, branding, and retail of prescription eyeglasses, sunglasses, contact lenses, and accessories.

Business Highlights

• Operates 2,723 stores globally - 2,067 in India and 656 overseas.
• Centralized manufacturing in Bhiwadi & Gurugram, supported by facilities in Singapore and the UAE.
• Next-day delivery in 40 Indian cities and 3-day delivery in 69 others.
• FY25 revenue: ₹66,525 crore (₹6,652.5 crore) - a ~22–25% YoY growth run-rate.
• Over 100 million app downloads and a tech team of 532 members.

Core Strengths

• In-house frame and lens engineering.
• Direct-to-consumer model with private-label dominance.
• Omnichannel presence enabling scale and convenience.
• Tech-led personalization and strong supply-chain integration.

Industry Context - India’s Eyewear Opportunity

The Indian eyewear market remains largely unorganised, offering significant room for branded players. Rising screen exposure, lifestyle awareness, and vision-care penetration are fueling growth. Growing middle-class disposable income supports premiumisation. However, competition from established chains and regional opticians keeps pricing tight - making operational efficiency and customer experience critical.

Financial Overview

All figures in ₹ crore; FY ends March 31.

Key Financial Metrics

Consistent growth and a turnaround to profitability are evident, but the valuation implies several years of near-perfect execution.

Key Strengths

• Category leader in India’s organised eyewear segment.
• Integrated manufacturing ensuring better control and margins.
• Strong brand recall with omnichannel presence.
• Recurring revenue streams through contact lenses and accessories.
• Clear path to scaling both domestically and internationally.

Key Risks

• Expensive valuation (P/E ~285x) makes it vulnerable to any slowdown.
• Consumer discretionary dependence - eyewear demand may weaken in downturns.
• High competition from established and local brands.
• Execution risks in international markets and new store rollouts.
• Large OFS component - signals partial investor exits and limits fresh capital for business use.

Use of Proceeds (Objects of the Issue)

Majority of funds directed toward store expansion and marketing - showing continued growth focus rather than debt reduction.

Should You Subscribe?

Lenskart’s business model and growth momentum are impressive, but the IPO arrives at an extremely premium valuation. While the company has shown profitability and brand dominance, the current pricing already factors in much of its growth story. Listing gains may be limited, and long-term investors should weigh execution consistency before subscribing.

Final Thoughts

Lenskart represents India’s new-age retail evolution - profitable, tech-driven, and brand-led. Yet, the IPO’s rich pricing leaves little margin for error. It’s a strong company at an ambitious price - one worth tracking closely, but entering selectively.

FAQs

1. What is the Lenskart IPO price band?

₹382 to ₹402 per share.

2. What is the issue size?

₹7,278 crore (₹2,150 crore fresh issue + ₹5,128 crore OFS).

3. Is Lenskart profitable?

Yes. FY25 profit after tax was ₹297 crore vs a loss of ₹10 crore in FY24.

4. What is the P/E ratio for this IPO?

Approximately 285x post-issue.

5. Should I apply?

Only if you have a long-term view and are comfortable with high valuation risks.

Disclaimer: This article is for education only. It is not investment advice or a recommendation to buy or sell any security. Always read the official RHP/price-band advertisement and consult a licensed adviser before investing.